How To Cancel A Credit Card Without Hurting Your Credit

Pay the balanceoff in full first. It’s important to keep documentary evidence showing that you paid the balance in full.

Sometimes, on credit cards with large sums outstanding, you can accrue additional residual interest in the couple of days it takes the bank to credit your payment to your account. So, a few days after you pay off the balance, call the phone number on your credit card to make sure that your balance is indeed zero.

Once they’ve verified that your balance is zero, tell them that you wish to cancel your card immediately. They may protest and try to hard-sell you on a better credit card deal. If you are convinced that your card has to go, you need to remain firm. Ask the rep for the credit card issuer’s mailing name and address so you can mail them a letter confirming that you want to cancel this credit card.

It’s important to write a letter by snail mail because customer service reps often make mistakes and leave credit card accounts open — even after telephone requests to close them. In a short 3-sentence letter, ask them to post a note on your account indicating that it was “closed at the request of the customer.” (This is important because if the credit bureaus think that the card was closed by the bank, then your credit score could take a hit.) Also include documentary evidence showing that you’ve paid the balance in full. Make a copy of this letter before you send it.

That’s all!

What To Do After You’ve Closed A Credit Card

It could take 4 weeks or more for the credit card to officially be closed. You should eventually receive a written letter from the credit card company verifying that they’ve closed your account.

Keep copies of everything associated with this credit card for at least 1 year after the account is closed.

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